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Sebi settles violation of norms with The Marathon for Rs 8 lakh

On October 29, the foreign investor remitted the settlement amount following which Sebi disposed of the adjudication proceedings against The Marathon - London Global Investment Trust I.


Devdiscourse News Desk New Delhi
Updated: 31-10-2018 23:38 IST
Sebi settles violation of norms with The Marathon for Rs 8 lakh

Sebi had initiated adjudication proceedings against The Marathon - London Global Investment Trust I for alleged violation of erstwhile foreign institutional investors (FII) regulations. (Image Credit: Twitter)

The Marathon - London Global Investment Trust I Wednesday settled a case related to alleged violation of foreign investors norms with markets regulator Sebi after paying over Rs 8 lakh towards settlement.

The Securities and Exchange Board of India (Sebi) had initiated adjudication proceedings against The Marathon - London Global Investment Trust I for alleged violation of erstwhile foreign institutional investors (FII) regulations, according to a Sebi order.

The investor had submitted an application for settlement of the adjudication proceedings initiated against it.

The High Powered Advisory Committee of Sebi recommended settlement of the proceedings on payment of Rs 8.06 lakh by the foreign investor. This was also accepted by the panel of Whole Time Members of the regulator.

On October 29, the foreign investor remitted the settlement amount following which Sebi disposed of the adjudication proceedings against The Marathon - London Global Investment Trust I.

However, the regulator said if any representation made by the foreign investor in the settlement proceedings is subsequently found to be untrue, it can take enforcement actions against it.

(With inputs from agencies.)

COUNTRY : India